16
September 2024
ADM Energy
PLC
("ADM" or
the "Company")
Vega Oil and Gas
Update
ADM Energy PLC (AIM: ADME; BER and
FSE: P4JC), a natural resource investing company, is pleased to
provide an update further to the RNS of 5 August 2024 related to
its progress with 100% owned Vega Oil and Gas, LLC ("Vega").
Highlights:
· The Sneed 415, one of three wells located in Moore County,
Texas acquired with the Vega investment produced 450 gross barrels
of oil in July 2024 of which 344 barrels were net to the interest
of Vega. Vega received US$25,798 (net of production taxes and
royalties) from oil sales for the month of July 2024 from the Sneed
415.
· Construction of the new tank battery to restore production
from two additional wells included as part of the Vega investment
is now underway with completion anticipated during the month of
September 2024.
·
Following completion of the new tank battery it is
expected that the remaining two wells will be returned to
production.
Commenting on the developments
related to Vega Stefan Olivier, CEO, stated: "The Sneed 415
continues to perform as expected and we eagerly anticipate adding
additional production to boost cash flow in the 4th
quarter."
Enquiries:
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ADM Energy
plc
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+44 7495 779520
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Stefan Olivier, Chief Executive Officer
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www.admenergyplc.com
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Cairn Financial
Advisers LLP
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+44 20 7213 0880
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(Nominated Adviser)
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Jo Turner, James Caithie, Ed Downes
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ODDO BHF Corporates
& Markets AG
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+49 69 920540
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(Designated Sponsor)
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Michael B. Thiriot
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Gracechurch
Group
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+44 20 4582 3500
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(Financial PR)
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Harry Chathli, Alexis Gore, Henry Gamble
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About ADM Energy PLC
ADM Energy PLC (AIM: ADME; BER and
FSE: P4JC) is a natural resources investing company with
investments including a 100% interest in Vega Oil and Gas; a 30.6%
economic interest in JKT Reclamation, LLC; a 46.8% economic
interest in OFX Technologies, LLC (www.ofxtechnologies.com);
and, a 9.2% profit interest in the Aje Field, part of OML 113,
which covers an area of 835km² offshore Nigeria. Aje has multiple
oil, gas, and gas condensate reservoirs in the Turonian, Cenomanian
and Albian sandstones with five wells drilled to date.
Forward Looking Statements
Certain statements in this
announcement are, or may be deemed to be, forward-looking
statements. Forward looking statements are identified by their use
of terms and phrases such as "believe", "could", "should",
"envisage'', "estimate", "intend", "may", "plan", "potentially",
"expect", "will" or the negative of those, variations or comparable
expressions, including references to assumptions. These
forward-looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. Such
forward-looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.